The Growth Experiences of Oil-Rich Countries Indicate That _____

question 112

Multiple Choice

The growth experiences of oil-rich countries indicate that _____.

• A)a large supply of natural resources helps in the industrialization of the countries
• B)natural resources are not enough to create a modern industrial economy
• C)low productivity is a result of low income
• D)unemployment and underemployment reflect inefficiencies of labor
• E)education makes people more receptive towards new ideas and methods

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Definitions:

Centrally-Planned Economy

An economic system where all major decisions regarding production, distribution, and consumption are made by the government.

Economic Activity

The total amount of production, distribution, and consumption of goods and services in an economy.

Marginal Cost

The bump in complete expenses that occurs when an additional unit of a product or service is produced.

Heart Rate Monitor

A device that measures and displays the number of heartbeats per unit of time, used to monitor heart activity during exercise or daily activities.